Notes to SEFA
Title: Federal Student Loan program
Accounting Policies: Note 1 - Basis of PresentationThe accompanying Schedule of Expenditures of Federal Awards (the Schedule)includes the federal award activity of Cape Cod Community College (the College)under programs of the Federal Government for the year ended June 30, 2022. Theinformation on this Schedule is prepared in accordance with the requirements of Title 2U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, CostPrinciples, and Audit Requirements for Federal Awards (Uniform Guidance). Becausethe Schedule presents only a selected portion of the operations of the College, it is notintended to and does not present the financial position, changes in net position or cashflows of the College.Note 2 - Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the accrual basis of accounting.Such expenditures are recognized following the cost principles contained in the UniformGuidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Direct Student Loan ProgramThe College disbursed $1,400,465 of loans under the Federal Direct Student Loansprogram, which include Stafford Subsidized and Unsubsidized Loans and Parent PlusLoans. It is not practical to determine the balances of the loans outstanding to students of the College under the program as of June 30, 2022. The College is only responsible for the performance of certain administrative duties and, accordingly, these loans are not included in the Colleges financial statements.